Photoshop format

Photoshop format (PSD) is the default file format for newly created images. You can open PSD files that were created in Adobe Photoshop; however, you may not be able to access all file data. For example, Photoshop Elements does not support layer sets, layer color coding, paragraph type, advanced type formatting, or annotations. No data is discarded when you resave a file that contains unsupported features from Photoshop Elements.

Saving Images > Saving images in specific formats > Photoshop format